Safety of our people
The people in our business have shown strength and stamina facing the challenges of 2021. COVID-19 protocols are still in place across all our sites, and we have experienced temporary interruptions during peak infection periods. Demand for our products has increased through the year and sites are operating at full capacity in some instances. I would like to thank our people for their hard work and commitment.
The first imperative is the safety of our people and I am disappointed that during 2021 our safety performance dipped. Supporting executive management, your Board has spent a significant amount of time discussing safety performance and overseeing a new approach to safety culture. These discussions have emphasised a more holistic approach to safety, and this now encompasses greater focus on the wellbeing of our people. My fellow non-executive Directors and I will continue to support management to achieve a position of ‘zero harm’.
"I am proud of the way our people have performed during the challenging environment owing to the COVID-19 pandemic and achieved the results for 2021 which demonstrate increasing demand for our products, driving increases in revenues, profitability and cash flows. "
Douglas Caster CBA FIET, Chairman
Environment and strategy
We are working to reduce the Group’s environmental impact, and this has become an increasingly important area not only for you, our shareholders, but also our customers, suppliers and employees. I am pleased by the progress we have made to date and the opportunities we have identified for the future. Not only are we making our manufacturing processes more efficient and reducing our CO2e emissions, but more importantly our products, which have properties to withstand heat and endure other extreme environments, assist our customers in reducing their environmental impact, either by lasting longer or improving the efficient use of resources.
During 2021, we set our execution priorities for the next three years and these are explained in more detail in the Chief Executive Officer’s Report. Following the restructuring and efficiency programme which completed in 2021, we are well positioned for growth and will focus on opportunities to innovate in faster-growing markets, whilst further developing our service to customers.
"I strongly believe that the next phase of our strategy, whilst including stretching targets for our environmental performance and focus on our people and their safety, supports Morgan’s purpose to use advanced materials to make the world more sustainable, and to improve the quality of life."
Douglas Caster CBA FIET, Chairman
Morgan’s financial health has improved significantly during recent years, and this is reflected in a progressive dividend payment policy. The Board considers the allocation of capital carefully and the investments needed for the future of the business. The Group has made good progress in reducing debt, proactively managing the defined benefit pension deficit and improving cash generation.
Later this year, we will say goodbye to Peter Turner who has been Chief Financial Officer since 2016. On behalf of the Board I would like to thank Peter for his support and significant contribution to the Group over the last five years. Peter has worked tirelessly and successfully to strengthen the financial position of the Group, and his calm and rigorous leadership has been invaluable to the Board and executive team. He leaves the Group much stronger and healthier than when he arrived, and we wish him well in his retirement.
Richard Armitage will join the Board as Chief Financial Officer in May 2022 and we look forward to welcoming him to the Group.
The global business environment continues to be challenging. The role of the Board is more important than ever in assisting executive management to navigate through the competing priorities of managing the business day to day, whilst continuously looking to the future in order to secure the Group’s position. The fulfilment of our purpose, execution of our strategy and focus on environmental, social and governance matters support the position of the Group for the long term, and I am confident for the future.